Resale private home prices unchanged in January: NUS index

Prices in the non-central region dropped 0.6 per cent, reversing a 0.5 per cent rise previously.
Prices in the non-central region dropped 0.6 per cent, reversing a 0.5 per cent rise previously. PHOTO: ST FILE

SINGAPORE - Overall prices of completed private homes stayed flat in January compared to the previous monthly, after inching up a revised 0.1 per cent in December, flash estimates of the NUS Singapore Residential Price Index (SRPI) showed on Tuesday (Feb 28).

Excluding small units, prices of non-landed units in the central region rose 0.7 per cent, following a 0.3 per cent decline in the preceding month. On the other hand, prices in the non-central region dropped 0.6 per cent, reversing a 0.5 per cent rise previously.

The central region refers to properties located in districts 1 to 4 and 9 to 11, while units in the other districts fall under the non-central region.

The SRPI also showed that small units measuring 506 sq ft or below saw a slight price increase of 0.1 per cent, after dipping 0.4 per cent in December.

Ong Kah Seng, director at R'ST Research, said that prices of completed properties December and January were overall stable, at about zero per cent month on month change, when they were expected to dip over the year-end period.

"We must however note that recent limited price changes for completed properties was also to a notable extent, due to more new units, whether shoebox apartments or family-sized units, completed in recent times, which tended to be smaller in size and have higher psf prices.

Mr Ong said he expected more resale properties to be put up for sale this year as those who bought a second investment property in 2013 when cooling measures came into effect will complete their four years of holding period to avoid paying the seller's stanp duty upon resale.